Agreement to Issue or Cause To Issue. (i) Subject to all of the terms and conditions of this Agreement, the Agent agrees to cause each Letter of Credit Issuer to issue for the account of the Company (or for the account of any other Borrower or any Subsidiary of the Company, so long as the Company and such other Borrower or such Subsidiary are co-applicants) one or more commercial/documentary and standby letters of credit denominated in Dollars, Canadian Dollars or any Alternative Currency, as requested by the Borrowers’ Agent (each, a “Letter of Credit” and, collectively, the “Letters of Credit”) and to amend, renew or extend Letters of Credit previously issued by the applicable Letter of Credit Issuer (unless otherwise provided below). (ii) Upon the Closing Date, (x) all Existing Letters of Credit issued for the account of the Company shall constitute Letters of Credit issued for the account of the Company hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of the Company pursuant to this Agreement and (y) all Existing Letters of Credit issued for the account of the UR Canada shall constitute Letters of Credit issued for the account of UR Canada (with the Company deemed to be a co-applicant thereof) hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of UR Canada pursuant to this Agreement. All fees payable with respect to the Existing Letters of Credit accruing through the Closing Date shall be paid on the Closing Date. Until the Closing Date, the fees with respect to all Existing Letters of Credit shall accrue and be payable at the rates set forth in the Existing Loan Agreement and on and after the Closing Date such fees shall accrue and be payable at the rates set forth herein.
Appears in 3 contracts
Samples: Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals North America Inc)
Agreement to Issue or Cause To Issue. (i) Subject to all of the terms and conditions of this Agreement, the Agent agrees to cause each the U.S. Letter of Credit Issuer to issue for the account of the Company (or for the account of any other U.S. Borrower or any Subsidiary of the Company, so long as the Company and such other Borrower or such Subsidiary are co-applicants) one or more commercial/documentary and standby letters of credit denominated in Dollars, Canadian Dollars or any Alternative Currency, as requested by the Borrowers’ Agent (each, a “U.S. Letter of Credit” and, collectively, the “U.S. Letters of Credit”) and to amend, renew or extend U.S. Letters of Credit previously issued by the applicable U.S. Letter of Credit Issuer (unless otherwise provided below).
(ii) Subject to all of the terms and conditions of this Agreement, the Agent agrees to cause the Canadian Letter of Credit Issuer to issue for the account of the Canadian Borrower one or more commercial/documentary and standby letters of credit denominated in Cdn. Dollars (each, a “Canadian Letter of Credit” and, collectively, the “Canadian Letters of Credit”) and to amend, renew or extend Canadian Letters of Credit previously issued by the Canadian Letter of Credit Issuer (unless otherwise provided below).
(iii) Upon the Closing Date, (x) all Existing Letters of Credit issued for the account of the Company a U.S. Borrower shall constitute U.S. Letters of Credit issued for the account of the Company such U.S. Borrower hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of the Company pursuant to this Agreement and (y) all Existing Letters of Credit issued for the account of the UR Canada shall constitute Letters of Credit issued for the account of UR Canada (with the Company deemed to be a co-applicant thereof) hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of UR Canada U.S. Borrower pursuant to this Agreement. All fees payable with respect to the Existing Letters of Credit accruing through the Closing Date shall be paid on the Closing Date. Until the Closing Date, the fees with respect to all Existing Letters of Credit shall accrue and be payable at the rates set forth in the Existing Original Loan Agreement and on and after the Closing Date such fees shall accrue and be payable at the rates set forth herein.
Appears in 1 contract
Agreement to Issue or Cause To Issue. (i) Subject to all of the terms and conditions of this Agreement, the Agent agrees to cause each Letter of Credit Issuer to issue for the account of the Company (or for the account of any other Borrower or any Subsidiary of the Company, so long as the Company and such other Borrower or such Subsidiary are co-applicants) one or more commercial/documentary and standby letters of credit denominated in Dollars, Canadian Dollars or any Alternative Currency, as requested by the Borrowers’ Agent (each, a “Letter of Credit” and, collectively, the “Letters of Credit”) and to amend, renew or extend Letters of Credit previously issued by the applicable Letter of Credit Issuer (unless otherwise provided below).85 [[5848018]][[DMS:6312716v7:05/07/2024--04:04 PM]] 4861-2153-1574 v.2
(ii) Upon the Closing Date, (x) all Existing Letters of Credit issued for the account of the Company shall constitute Letters of Credit issued for the account of the Company hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of the Company pursuant to this Agreement and (y) all Existing Letters of Credit issued for the account of the UR Canada shall constitute Letters of Credit issued for the account of UR Canada (with the Company deemed to be a co-applicant thereof) hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of UR Canada pursuant to this Agreement. All fees payable with respect to the Existing Letters of Credit accruing through the Closing Date shall be paid on the Closing Date. Until the Closing Date, the fees with respect to all Existing Letters of Credit shall accrue and be payable at the rates set forth in the Existing Loan Agreement and on and after the Closing Date such fees shall accrue and be payable at the rates set forth herein.
Appears in 1 contract
Samples: Credit Agreement (United Rentals North America Inc)
Agreement to Issue or Cause To Issue. (i) Subject to all of the terms and conditions of this Agreement, the Agent agrees to cause each the U.S. Letter of Credit Issuer to issue for the account of the Company (or for the account of any other U.S. Borrower or any Subsidiary of the Company, so long as the Company and such other Borrower or such Subsidiary are co-applicants) one or more commercial/documentary and standby letters of credit denominated in Dollars, Canadian Dollars or any Alternative Currency, as requested by the Borrowers’ Agent (each, a “U.S. Letter of Credit” and, collectively, the “U.S. Letters of Credit”) and to amend, renew or extend U.S. Letters of Credit previously issued by the applicable U.S. Letter of Credit Issuer (unless otherwise provided below).
(ii) Subject to all of the terms and conditions of this Agreement, the Agent agrees to cause the Canadian Letter of Credit Issuer to issue for the account of the Canadian Borrower one or more commercial/documentary and standby letters of credit denominated in Cdn. Dollars (each, a “Canadian Letter of Credit” and, collectively, the “Canadian Letters of Credit”) and to amend, renew or extend Canadian Letters of Credit previously issued by the Canadian Letter of Credit Issuer (unless otherwise provided below).
(iii) Upon the Closing Date, (x) all Existing Letters of Credit issued for the account of the Company a U.S. Borrower shall constitute U.S. Letters of Credit issued for the account of such U.S. Borrower hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of such U.S. Borrower pursuant to this Agreement and (y) all Existing Letters of Credit issued for the account of the Company Canadian Borrower shall constitute Canadian Letters of Credit issued for the account of the Canadian Borrower hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of the Company pursuant to this Agreement and (y) all Existing Letters of Credit issued for the account of the UR Canada shall constitute Letters of Credit issued for the account of UR Canada (with the Company deemed to be a co-applicant thereof) hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of UR Canada Canadian Borrower pursuant to this Agreement. All fees payable with respect to the Existing Letters of Credit accruing through the Closing Date shall be paid on the Closing Date. Until the Closing Date, the fees with respect to all Existing Letters of Credit shall accrue and be payable at the rates set forth in the Existing Loan Agreement and on and after the Closing Date such fees shall accrue and be payable at the rates set forth herein.
Appears in 1 contract
Samples: Credit Agreement (United Rentals North America Inc)
Agreement to Issue or Cause To Issue. (i) Subject to all the terms and conditions of this Agreement, the Agent agrees (A) to cause the U.S. Letter of Credit Issuer to issue for the account of a U.S. Borrower one or more standby letters of credit ("U.S. Letter of Credit") and/or (B) to provide credit support or other enhancement to a U.S. Letter of Credit Issuer acceptable to the Agent which issues a U.S. Letter of Credit for the account of a U.S. Borrower (any such credit support or enhancement being herein referred to as a "U.S. Credit Support") from time to time during the term of this Agreement.
(ii) Subject to the terms and conditions of this Agreement, the Agent agrees to (A) cause each the Canadian Letter of Credit Issuer to issue for the account of the Company Canadian Borrower one or more standby letters of credit ("Canadian Letter of Credit") and/or (B) provide credit support or other enhancement to a Canadian Letter of Credit Issuer reasonably acceptable to the Agent which issues a Canadian Letter of Credit for the account of the Canadian Borrower (any such credit support or enhancement being herein referred to as a "Canadian Credit Support") from time to time during the term of this Agreement.
(iii) In the event that a Letter of Credit requested to be issued hereunder (or the underlying transaction for which such Letter of Credit is to be issued) is intended to be for the benefit of more than one Borrower, then the Parent on behalf of such Borrowers may, at the time the Agent is notified of the request for such Letter of Credit, notify the Agent in writing thereof and, for purposes solely of computing the Availability of each such Borrower necessary in order to have such Letter of Credit issued and thereafter, of the allocation of the undrawn amount of such Letter of Credit (including, if applicable, of related commissions, fees and charges in connection with opening such Letter of Credit) among such Borrowers (which allocation shall be made by the Parent based upon the respective benefits the Parent reasonably believes each such Borrower will derive from the issuance of such Letter of Credit or from the underlying transaction for which such Letter of Credit is being issued or, in the case of the issuance of a German Letter of Credit hereunder or the portion of a Letter of Credit to backup a German Letter of Credit issued prior to the Closing Date, based upon another reasonable method of allocation selected by the Parent) (any such Letter of Credit for which an allocation notice is delivered to the Agent, an "Allocated Letter of Credit" and the allocated Borrowers referred to in such notice or otherwise allocated in accordance with the terms hereof for such Letter of Credit, the "Allocated Borrowers"). Upon request of the Agent, the Parent will provide the Agent with a certificate in form and substance reasonably satisfactory to the Agent of such allocation and the methodology for such allocation. For purposes solely of computing Availability of each Allocated Borrower for an Allocated Letter of Credit as aforesaid (including to determine if each such Borrower satisfies the Availability requirement for the issuance of such Letter of Credit), such Letter of Credit shall be deemed issued for the account of each such Borrower in the respective amount allocated in the written notice referred to in the first sentence of this clause (iii) therefor or, for any adjustment in allocation made in accordance with the immediately succeeding sentence, in the related Adjustment Notice or as otherwise provided in this clause (iii) below or in Section 7.11(xiv). With respect to any Allocated Letter of Credit, the Parent on behalf of the Allocated Borrowers for such Letter of Credit may, from time to time, adjust the allocation of such Letter of Credit as among such Borrowers so long as (x) each adjustment of such allocation is based upon the same methodology as originally utilized by the Parent for the allocation of such Letter of Credit (or another reasonable methodology acceptable to the Agent), (y) the Parent provides the Agent with not less than three (3) Business Days (or such lesser number of Business Days as the Agent may approve) prior written notice (the "Adjustment Notice") of each such adjustment (which notice shall specify the adjusted allocation for each Allocated Borrower and certify that the requirement in clause (z) below will be satisfied) and (z) immediately after giving effect to such adjustment, (1) with respect to each such Borrower which is a U.S. Borrower, the portion of the Aggregate U.S. Revolver Outstandings relating to extensions of credit made to or for the account of any other such Borrower shall be less than or any Subsidiary equal to the lesser of the Company, so long as the Company and such other Borrower or such Subsidiary are co-applicants) one or more commercial/documentary and standby letters of credit denominated in Dollars, Canadian Dollars or any Alternative Currency, as requested by the Borrowers’ Agent (each, a “Letter of Credit” and, collectively, the “Letters of Credit”) and to amend, renew or extend Letters of Credit previously issued by the applicable Letter of Credit Issuer (unless otherwise provided below).
(ii) Upon the Closing Date, (x) all Existing Letters the Borrowing Base of Credit issued such Borrower and (y) the Maximum U.S. Revolver Amount minus the portion of the Aggregate U.S. Revolver Outstandings relating to extensions or credit made to or for the account of the Company shall constitute Letters of Credit issued for the account of the Company hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of the Company pursuant to this Agreement other U.S. Borrowers and (y2) all Existing Letters of Credit issued for the account of the UR Canada shall constitute Letters of Credit issued for the account of UR Canada (with the Company deemed to be a co-applicant thereof) hereunder with the same effect and status as if such Existing Letters of Credit were originally issued for the account of UR Canada pursuant to this Agreement. All fees payable with respect to the Existing Letters Canadian Borrower if it is one of Credit accruing through such Borrowers, the Closing Date Aggregate Canadian Revolver Outstandings shall be paid on less than or equal to the Closing Date. Until lesser of (x) the Closing Date, the fees with respect to all Existing Letters of Credit shall accrue and be payable at the rates set forth in the Existing Loan Agreement and on and after the Closing Date such fees shall accrue and be payable at the rates set forth herein.Borrowing
Appears in 1 contract
Samples: Credit Agreement (Gentek Inc)